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Exercises 1) Match each of the following fund types to one of the following three fund categories as indicated. Each fund category may be used more than once. A.Governmental Fund B.Proprietary Fund C.Fiduciary Fund _____1.Debt Service Fund _____2.Internal Service Fund _____3.Agency Fund _____4.General Fund _____5.Permanent Fund _____6.Enterprise Fund _____7.Capital Projects Fund _____8.Trust Fund _____9.Special Revenue Fund _____10.Pension Fund 2) Identify the fund type of the.
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Multiple Choice Questions 1) Which statement is correct in describing the rank order of payments as specified by the Uniform Partnership Act? A) Payments to partners are ranked equally, regardless of underlying basis. B) Payment to partners with excess capital balances may be placed ahead of payments to creditors. C) Payments to creditors other.
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Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for.
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19) Hilfmir Corporation filed for Chapter 11 bankruptcy on January 1, 2011. A summary of their financial status is shown below on June 30, 2011, at the date of the approved reorganization, along with the fair value of their assets. Per BooksFair Value Cash$134,000$134,000 A/R - net20,00020,000 Inventory32,00040,000 Plant Assets - net114,000106,000 Patent 80,0000 $380,000 A/P$60,000 Wages Payable20,000 Prepetition liab.250,000 Common Stock140,000 Deficit(90,000) $380,000 Under.
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15) A summary balance sheet for the partnership of Quail, Rainne and Selma on December 31, 2011 is shown below. Partners Quail, Rainne and Selma allocate profit and loss in their respective ratios of 6:3:1. Assets Cash$ 320,000 Marketable securities640,000 Inventory270,000 Land130,000 Building-net210,000 Total assets$1,570,000 Equities Quail, capital$ 670,000 Rainne, capital580,000 Selma, capital320,000 Total equities$1,570,000 The partners agree to admit Trask for a.
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13) The following are transactions for the city of Greenville. a.Issued $50,000 10-year bonds. b.Used $30,000 of the cash to buy a truck. c.Sold the truck that was replaced which had cost $28,000, for $2,000. The old truck was fully depreciated. Residual value is zero. d.Computed depreciation on the new truck for the year.
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Exercises 1) The balance sheet of the Addy, Bess, and Clara partnership on January 1, 2011 (the date of partnership dissolution) was as follows: Cash$4,000Liabilities$8,000 Other assets26,000Loan from Addy1,000 Loan to Clara2,000Addy, capital (20%)2,000 Bess, capital (40%)9,000     Clara, capital (40%)12,000 Total assets$32,000Total liab./equity$32,000 In January, other assets with a book value of $16,000 were sold for $10,000 in.
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7) A cash distribution plan for the Sammi, Tammy, and Udd partnership was as follows: Priority CreditorsSammiTammyUdd First $250,000100% Next $100,00070%30% Next $150,00011/154/15 Remainder20%35%45% Required: If $850,000 of cash was distributed by the partnership, how much was received respectively by the priority creditors, Sammi, Tammy, and Udd? 8) The Vera, Wade, and Xena partnership was dissolved, and a cash.
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17) Alf, Bill, Cam, and Dot are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2011. The partnership trial balance at December 31, 2010 is as follows: DebitsCredits Cash$6,000 Accounts receivable20,000 Inventory50,000 Loan to Bill8,000 Furniture30,000 Equipment36,000 Goodwill20,000 Accounts payable$23,500 Note payable60,000 Loan from Cam12,400 Alf,.
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Use the following information to answer the question(s) below. Xavier, Young, and Zane operate a partnership with a complex profit and loss sharing agreement. The average capital balance for each partner on December 31, 2011 is $300,000 for Xavier, $250,000 for Young, and $325,000 for Zane. An 8% interest allocation is.
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18) Eve, Fig, Gus, and Hal are partners who share profits and losses 50%, 25%, 15%, and 10%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2011. The partnership trial balance at December 31, 2010 is as follows: DebitsCredits Cash$9,000 Accounts receivable26,000 Inventory78,000 Loan to Eve16,000 Furniture27,000 Equipment59,000 Goodwill10,000 Accounts payable$23,000 Note payable70,000 Loan from Hal7,000 Eve,.
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12) Dip Corporation is in a Chapter 11 bankruptcy reorganization. For each of the following transactions relating to the reorganization, show the journal entry that would be required by Dip. Assume that all unsecured liabilities were not reclassified to Prepetition Claims Subject to Compromise. 1.Dip has $200,000 in bonds payable which.
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12) The Justin, Kyle, and Lulu partnership was dissolved by the partners on May 1, 2011. Their balance sheet on that date is shown below: Cash$26,000Liabilities$41,000 Other assets96,000Loan from Kyle3,000 Loan to Justin10,000Justin,capital (20%)19,000 Kyle, capital (20%)26,000       Lulu, capital (60%) 43,000 Total assets$132,000Total liab./equity$132,000 In May, other assets with a book value of $46,000 were sold for $50,000.
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11) Creditor committees are elected A) in all bankruptcy cases. B) in Chapter 7 cases. C) only in bankruptcy cases arising from involuntary petitions. D) in Chapter 11 cases. 12) In a Chapter 7 bankruptcy case, what is the first-to-last ranking order of priority for payment? (Use the following list of claim types.) I.stockholder claims II.unsecured priority.
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10) For each of the following events or transactions, identify the type of fund(s) that will be affected. 1.A central purchasing department was established to handle all the purchasing needs of a county government. 2.A county government levies sales taxes restricted as to use for job creation. 3.A county government receives a large.
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5) Bounty County had the following transactions in 2011. 1.The budget for the county was approved, showing estimated revenues of $320,000 from local income taxes, and total estimated expenditures of $316,000. 2.Tax bills were mailed amounting to $326,000, which are due in 60 days. All but 2% was expected to be collectible. 3.Taxes.
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4) Ending Company is in bankruptcy and is being liquidated under the provisions of Chapter 7 of the bankruptcy code. The trustee has converted all assets into $80,000 cash (which includes the amounts shown below for assets sold) and has prepared the following list of approved claims: Property taxes payable$10,000 Accounts payable,.
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2) Dan and Ellie share partnership profits and losses at 70% and 30%, respectively. The partners agree to admit Fran into the partnership for a 50% interest in capital and earnings. Capital accounts immediately before the admission of Fran are: Dan (70%)$800,000 Ellie (30%)400,000 Total$              1,200,000 Required: 1.Prepare the journal entry(s) for the admission of.
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10) The Catt, Dogg, and Eustus partnership was dissolved by the partners in early 2011. On March 1, the partners prepared the following financial statement before commencement of final liquidation: Cash$80,000Accounts payable$125,000 Accounts Receivable160,000Notes payable70,000 Inventory130,000Loan from Dogg5,000 Loan to Catt10,000Catt, capital (20%)130,000 Loan to Eustus15,000Dogg, capital (20%)95,000 Plant assets-net210,000Eustus, capital(60%) 180,000 Total assets$605,000Total liab./equity$605,000 Liquidation events in March.
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16) Match the following definitions to the appropriate government accounting terms (numbered below). A.Legally separate organization for which primary government is financially accountable B.The use of governmental fund working capital C.Appropriation for a specific time period D.Governmental and Proprietary fund revenues and expenses presented using full accrual accounting E.Approved or authorized expenditures F.Revenues recognized when available.
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14) Gargantuan Bank has loaned money in two separate loans to Little Company, which is now in Chapter 7 bankruptcy. Little Company has the following assets and liabilities, stated at fair value in liquidation. Assets pledged with secured creditors$190,000 Assets pledged with partially secured creditors70,000 Other assets30,000 Secured debt to Gargantuan130,000 Partially secured debt to.
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Multiple Choice Questions 1) When a capital lease is used to lease fixed assets for the general government, the governmental fund acquiring the fixed assets debits ________ at the ________. A) expenditures; future value of the minimum lease payments B) fixed assets; future value of the minimum lease payments C) expenditures, present value of.
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11) Prepare journal entries to record the following grant-related transactions for a municipality special revenue fund. 1.Special Revenue Fund awarded an operating grant from the state, $2,500,000 (cash will be received after qualified expenditures are made). 2.Special Revenue Fund received funds of $1,600,000, temporarily transferred from the General Fund. 3.Incurred qualifying expenditures on.
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Exercises 1) Rank the following claims of an organization filing Chapter 7 bankruptcy from 1 to 4 based on the following classifications. Each classification may be used more than once. 1.Secured Claims 2.Unsecured Priority Claims 3.Unsecured Nonpriority Claims 4.Stockholders' Claims _____ A. Claims for wages that are less than $10,000 per individual, earned within 90 days.
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Multiple Choice Questions 1) When the bankruptcy court grants an order for relief under Chapter 7, A) creditors may not seek payment for their claims directly from the debtor corporation. B) the reorganization plan was accepted by creditors having at least one-half of the total number of claims and the claims represent at.
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7) The following are transactions for the city of Franklin. a.Borrowed $20,000 by issuing a two-year note. b.Purchased equipment for $6,000 cash. c.Licenses for $700 were billed on account. d.Accrued employee salary costs of $7,000. e.Depreciation expense on equipment for year, $1,000. Required: Analyze the above transactions by using the accounting equation for a proprietary fund. 8) For.
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7) The City of Electri entered the following transactions during 2011: 1.Borrowed $120,000 for a six-month term, to be paid upon receipt of property tax payments which were previously billed. 2.Used the funds borrowed to purchase a new fire truck. The truck is expected to have a 15-year useful life, and a.
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5) The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2011 (before commencement of partnership liquidation) was as follows: Cash$12,000Georgia, capital (40%)$36,000 Holly, capital (30%)6,000     Festus, capital (50%)31,000 Total assets$90,000Total liab./equity$90,000 Cash$70,000Accounts payable$42,000 Inventory60,000Notes payable68,000 Loan to Maude10,000Maude, capital(20%)30,000 Loan to Oscar18,000Ned, capital(20%)32,000 Plant assets-net80,000Oscar, capital(60%)66,000              Total assets$238,000Total liab./equity$238,000 Liquidation events in November were as follows: - All.
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13) The trial balance for the General Fund for Golden City held the following balances at June 30, 2011, just before closing entries were made: Due from other funds$2,700 Fund balance - unassigned51,000 Estimated revenues208,000 Revenues198,900 Appropriations196,500 Expenditures - current year193,800 Expenditures - prior year4,500 Other Financing Sources - Transfer from Debt Service Fund6,000 Required: Prepare the necessary closing entries. 14).
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11) The proper sequence of events is A) purchase order, appropriation, encumbrance, expenditure. B) purchase order, encumbrance, expenditure, appropriation. C) appropriation, encumbrance, purchase order, expenditure. D) appropriation, purchase order, encumbrance, expenditure. 12) Governments must record a liability for uncollected taxes instead of revenues for uncollected taxes if the taxes are going to be collected A) 30.
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16) The partners of Nelatyna Manufacturing have decided to dissolve their partnership as of the end of 2010. The partnership is going to liquidate during the first several months of 2011. The four partners of Nell, Ann, Tyler and Nadine, share profits and losses 35%, 30%, 25%, and 10%, respectively..
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4) The following are transactions for the city of Springfield. a.Borrowed $20,000 by issuing a three-month, 5% note. b.Paid $4,000 for equipment. c.Services for $1,000 were billed and collected. d.Year-end accrual of 3 months interest on note in (a). Required: Analyze the above transactions by using the accounting equation for a governmental fund. 5) The following are.
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Use the following information to answer the question(s) below. Adam, Bella, and Chris operate a partnership with a complex profit and loss sharing agreement. The average capital balance for Adam, Bella and Chris on December 31, 2011 is $120,000, $270,000, and $340,000, respectively. A 6% interest allocation is provided to each.
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3) Carson County had the following transactions for their General Fund relating to the levy and collection of property taxes. 1.Property tax bills for $1,000,000 are sent to property tax owners. Taxes are due in 45 days. History shows that Carson County should expect 1.5% of the property taxes to be.
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Multiple Choice Questions 1) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 2) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C).
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8) Lesher Corporation lost their primary contract and entered into voluntary Chapter 7 bankruptcy in the early part of 2012. By July 1, all assets were converted into cash, the secured creditors were paid, and $124,500 in cash was left to pay the remaining claims as follows: Accounts payable$50,000 Claims incurred between.
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Exercises 1) Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance. Each classification may be used more than once. A.Nonspendable Fund Balance B.Restricted Fund Balance C.Committed Fund Balance D.Assigned Fund Balance E.Unassigned Fund Balance _____1. Amounts can only be spent for the specific purposes determined by a formal.
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3) The partnership of Georgia, Holly, and Izzy was dissolved, and by July 1, 2011, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2011 (with partner residual profit and loss sharing percentages) was as follows: Cash$10,000Georgia, capital (40%)$              (20,000) Holly,.
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3) CommTex Corporation is liquidating under Chapter 7 of the Bankruptcy Act. The accounts of CommTex at the time of filing are summarized as follows: Estimated Realizable Book ValueValue Cash$80,000$80,000 Accounts receivable-net50,00040,000 Inventory80,00060,000 Land10,00020,000 Building-net150,000110,000 Equipment-net60,00040,000 Goodwill  10,0000 $440,000 Accounts payable$120,000 Wages and salaries20,000 Contributions due to pension plan10,000 Taxes payable60,000 Accrued interest payable (includes10,000 $8,000 from the mortgage payable and $2,000 from the note payable) Note payable120,000 Mortgage payable90,000 Capital stock80,000 Deficit(70,000) $440,000 The.
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11) Daniel, Ethan, and Frank have a retail partnership business selling personal computers. The partners are allowed an interest allocation of 8% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal.
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